12 Jan 2015
GBP/USD might see a near-term upside correction – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, suspects GBP/USD might see a small corrective move to the upside before continuing downwards, anticipating the pair to see 1.4910/1.4813 levels on a break below 1.5000.
Key Quotes
“GBP/USD saw a small bounce on Friday. The market last week failed to tackle psychological support at 1.5000 and we suspect that we will see a small corrective move higher ahead of another leg lower.“
“Below 1.5000 we would allow for slippage to the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“We note the intraday Elliot way count on the 60 minute chart is suggesting the correction is already complete but both the 240 minute and daily charts are suggesting a deeper retracement, we will reattempt small shorts for today.”
“We have a 6 month resistance line at 1.5542 and while capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”
Key Quotes
“GBP/USD saw a small bounce on Friday. The market last week failed to tackle psychological support at 1.5000 and we suspect that we will see a small corrective move higher ahead of another leg lower.“
“Below 1.5000 we would allow for slippage to the 1.4910/1.4813 long term Fibo and 2013 low but look for this to hold the downside on the initial test.”
“We note the intraday Elliot way count on the 60 minute chart is suggesting the correction is already complete but both the 240 minute and daily charts are suggesting a deeper retracement, we will reattempt small shorts for today.”
“We have a 6 month resistance line at 1.5542 and while capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low.”